Genworth Financial Review

Compare Insurance Quotes

Currently Insured?

Credit Rating

Homeowner

Genworth Financial started out as the Life Insurance Company of Virginia. Originally founded in 1871, Life of Virginia grew and was acquired by several companies before finally reforming as Genworth Financial in 2004. Today, it’s a Fortune 500 company comprised of six separate organizations focusing on different niches, including life insurance and wealth management. It’s also the largest provider of long-term care insurance in the country.

The company is currently headquartered in Richmond, Virginia, employs around 6,000 people and sells product in more than 25 countries. Its primary sales force is a network of independent agents and agencies.

Insurance Products

Life Insurance

One of the primary products of Genworth is life insurance. They sell both term life insurance, which is effective for a predetermined number of years before expiring, and permanent policies, which last as long as payments are made.

There are benefits and drawbacks to each type of life insurance policy. Term policies tend to be more affordable, but permanent life insurance has cash value and an investment component that some people may find fits into their overall estate planning.

Additional Products

Annuities – An individual pays money into the annuity fund over a certain amount of time. After retirement (or another predetermined date), the annuity pays out a stable income to the retiree, similar to a pension.

Long-term Care Insurance – Helps to pay for a nursing home, in-home nurse or similar medical assistance when the insured ages or succumbs to a serious accident or illness.

Mortgage Insurance – Protects a lender in the event a homeowner defaults on a loan. The cost of the insurance is sometimes rolled into the mortgage payment itself, and it can enable home-buyers to purchase homes that they might otherwise not have access to, even with a low down payment.

Claims

Separate claims forms exist for long-term care, life and annuity claims. You can obtain information about the claims process on the company’s website under the “claims & forms” tab, but the claims themselves should be filed by phone, mail or fax.

The claims number is 800-876-4582. This number is available from 8:30am to 8pm Eastern time Monday through Thursday and on Fridays from 9am to 8pm.

You will need access to policy information when filing a claim. After providing the basic information to the representative, you’ll be given further instructions on how to complete the claims process and what to expect next.

Consumer Research and Complaints

Genworth Financial is listed on the Better Business Bureau with an A- rating, but it is not BBB accredited. Just three complaints are listed on the site, with two having been closed within the last 12 months. The only complaint with details listed is from someone who had been approached about a quote they did not request.

Financial Strength

Rating Company

Grade

Financial Outlook

AM Best

A

Stable

Fitch

A-

N/A

S&P

A-

Stable

Bottom Line

Genworth Financial is a fairly large supplier of retirement services, long-term care and life insurance in the United States. They have very few complaints filed against them with the Better Business Bureau, despite only having an A- rating. Their financial strength ratings are slightly above average according to the major reporting bureaus.

Genworth’s website displays tendencies toward driving consumers into expensive permanent life insurance products, based on the marketing pitches they use. When talking about term insurance, they discuss the negatives of an expiring life insurance policy, while only focusing on the positives of the more expensive policies like whole and universal life.

The fact is that permanent life insurance products can cost 10-20x the price of term, and with a properly structured financial plan, term insurance will often suffice for many individuals and families. However, since the commissions are much higher on permanent policies, sales agents often push them on clients. Anyone considering life insurance should read our write up about why term life is better than whole life.

Compare Insurance Quotes

Currently Insured?

Credit Rating

Homeowner

Review Information

Summary

Reviewer

Eric Stauffer

Review Date

2014-03-12

Reviewed

Genworth Financial

Author Rating

3

About Eric Stauffer

I am a former insurance agent and banker turned consumer advocate. My priority is to help educate individuals and families about the different types of insurance they need, and assist them in finding the best place to get it.

Reader Interactions

Comments

I am thinking about investing in the ‘Income Assurance Immediate Need Annuity’, they or underwriter, Louis Brownstone from Calif. is promoting. It states one will receive 2x the annuity. Due to the paralyzed condition of my wife; stroke 17yrs. ago. Any insights, recommendations on Louis, Genworth or any other better co.?

I have a Long Term Health Care policy with Genworth. I am 72 and have been making my premium payments for the past eight years. They just advised me that, for the first time, they are increasing my premiums by 50%. I don’t understand how you can give them such a great rating? Why are they doing this all of a sudden? I have a fixed income and for them to increase this at this stage in my life means that I will need to reduce my coverage.

My dad bought a Genworth policy for long term care, and now is in permanent home for assisted care due to stroke which left him paralyzed and more importantly, unable to speak or communicate at all.
My mother, a homemaker with no experience paying bills or internet knowledge is left to pay premiums, which she said would not be required when they are paying out on the claim. My older sister has power of attorney after her, and is capable of taking care of things.
But I am still highly concerned how to take safeguards that a premium is not missed, causing them to be cancelled. My sister doesn’t seem concerned, as tho, she knows whats going on, but two eyes are better than one. What would you do?

set up automatic payments with the bank. you still have to watch out for increasing premiums so there should be more than one person designated to receive notifications/mail, in case one is on vacation or something happens to them.